Surveillance: Record High Stocks With BNP's Morris
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 16 January 2020
⏱️ 29 minutes
🧾️ Download transcript
Summary
David Pearl, Epoch Co-Chief Investment Officer & Portfolio Manager, says Morgan Stanley is now the king of wealth management. Mary Lovely, Peterson Institute Senior Fellow & Syracuse University Professor, says escalation could happen very quickly under the Phase-One trade deal between the U.S. and China. Daniel Morris, BNP Paribas Senior Investment Strategist, says 2020 market risks aren't much different from those in 2019. Dana Peterson, Citi Global Economist, says department stores are losing market share to non-store retailers.
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| 0:00.0 | Join us in New York on November 29th for the Bloomberg Canadian Finance Conference, |
| 0:04.6 | proudly sponsored by National Bank of Canada Financial Markets. |
| 0:07.8 | 2023 marks the 11 year anniversary of our Canada focused event and continues the tradition of providing timely |
| 0:13.8 | insights and actionable strategies. We'll have senior government |
| 0:17.1 | officials from Saskatchewan, Quebec, British Columbia, Alberta and Ontario as well |
| 0:21.9 | as speakers from Northland Power, World Bank, Transolta, and many more. |
| 0:26.0 | Register at Bloomberg Live.com I'm Tom Keene. |
| 0:43.5 | Daily, we bring you insight from the best |
| 0:45.9 | in economics, finance, investment, and international relations. |
| 0:49.9 | Find Bloomberg Surveillance on Apple Podcasts SoundCloud, Bloomberg.com, and of course, |
| 0:56.1 | on the Bloomberg. |
| 0:57.1 | Let's bring in David Pearl, shall we? |
| 0:59.1 | EPIC CIO and portfolio manager. |
| 1:01.4 | David, great to have you with us. |
| 1:02.4 | Thank you. The issue is on your radar right now. What are they? |
| 1:04.8 | Well, I think last year was just too driven by valuation. I mean, we had a good year from an earnings point of view. |
| 1:11.0 | It was high single digits, which is pretty good for the |
| 1:14.0 | U.S. economy but you know to get a 20 something 25% return it's valuation that is |
| 1:20.8 | going to be hard to continue unless rates continue to go down and it really looks like we're in a fairly stable environment and in fact the market has gone from |
| 1:30.5 | moderate to being on the expensive side and there are specific pockets of excess for sure |
| 1:35.9 | in speculative stocks. If you look at companies that don't earn money they've actually |
| 1:39.7 | done better. That is a bad sign. It really goes back to 1999. So this year should be driven by |
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